In the new features of UPI users for new features in India. UPI stands for Unified Payments Interface, which is a platform that enables instant and secure digital payments across different banks and apps, Here are some of the new features that were recently launched by the National Payments Corporation of India (NPCI) during the Global Fintech Fest 2023,
UPI users for new features in India,Here are 5 new features
Conversational payments.
This feature allows users to make payments by conversing with AI-powered systems. For example, you can say “Pay Rs. 100 to John” to your UPI app, and it will automatically initiate the payment. This feature is expected to make UPI more accessible and user-friendly, especially for people who are not familiar with digital payments.
Offline UPI payments using NFC,
This feature allows users to make UPI payments even when they do not have internet connectivity. To do this, users will need to tap their smartphone on the merchant’s NFC-enabled POS machine. This feature is expected to be useful in places where internet connectivity is unreliable, such as rural areas.
Increased transaction limit for UPI Lite X,
This feature is an upgraded version of UPI Lite, which is a low data consumption app for basic smartphones. UPI Lite X offers enhanced user experience, security, and accessibility. Users can enjoy features such as biometric authentication, QR code scanning, voice assistance, and regional language support.
Credit line on UPI,
This feature allows users to borrow money from their bank to make UPI payments. This can be useful for people who need to make a payment but do not have enough money in their account. The credit line will be repaid automatically through the user’s bank account.
BillPay Connect,
This feature allows users to pay their bills through UPI. This can be useful for people who want to pay their bills quickly and easily. BillPay Connect supports a variety of billers, including electricity, water, gas, and telephone companies.
These features are expected to make UPI more convenient, accessible, and secure for users.
These are some of the new features that make UPI more user-friendly, inclusive, and innovative.
The new digital payment options aim to simplify UPI transactions. Line of credit on UPI will help individuals get credit easily and boost economic growth. UPI LITE X and Hello! UPI facilities will enhance the ease of transactions for customers and expand the reach of UPI. Conversation-based bill payment and tap-and-pay feature make all transactions quick and secure for users.